Coal India asked to stop mining at some mines - Angel Broking

Media report suggests that Coal India has been asked to stop mining at some of its mines (including 6 large mines) as it does not have necessary approvals to raise production from these mines. Over the past few years, lack of timely environmental clearances have hit Coal India's production targets. However, there is lack of clarity on the quantum of production likely to be hit. Hence, we await further clarity on this matter.

Until then, we maintain our estimates and Accumulate rating on the stock with a target price of Rs. 290.

Shares of COAL INDIA LTD. was last trading in BSE at Rs.263.3 as compared to the previous close of Rs. 270.4. The total number of shares traded during the day was 1800951 in over 9980 trades.

The stock hit an intraday high of Rs. 275.5 and intraday low of 262.15. The net turnover during the day was Rs. 486636237.

Source : Equity Bulls

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